CQ Senior Intern
60% Surge - Explosive ETH USDT Minting
Bitcoin is now a macro asset. Predicting its price movements based solely on on-chain+market data is almost impossible. However, the complex factors influencing it are encapsulated in one key indicator: the circulating supply of stablecoins. Bitcoin's liquidity primarily comes from BTC-USDT and BTC-USD (USDC) trading pairs. Even when ETFs acquire Bitcoin, while OTC deals play a role, most transactions occur within these pairs. Consequently, movements in the Coinbase Premium are also affected. What’s crucial here is that Bitcoin market makers still prefer "USDT." Therefore, an increase in USDT circulation implies a compressed signal of increased demand for Bitcoin and other cryptocurrencies. If you had subscribed to this alert, you could have anticipated the explosive surge in demand since Bitcoin was at 70k.